correspondent

Correspondent

A bank, Securitiesfirm, or other financial institution that regularly renders services for another in an area or market to which the other party lacks direct access. A bank that functions as an agent for another bank and carries a deposit balance for a bank in another city.

Securities firms may have correspondents in foreign countries or on exchanges—organizations that provide facilities for convening purchasers and sellers of securities—of which the firms are not members.

The term correspondent is distinct from corespondent—a person summoned to respond to litigation, together with another person, particularly, a paramour in a Divorce action based on Adultery.

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